Business Tips

Port Operators Suggest Joint Cargo Inspection by SON, Others

A Trustee of Shippers Association Lagos State, Odolo Nicodemus, has advised the Standards Organisation of Nigeria (SON) and other government agencies at ports to jointly inspect cargoes to reduce time of doing business.

Nicodemus gave the advice in an interview with the News Agency of Nigeria on the sidelines of a one-day Sensitisation Workshop titled : “SON ACT 2015 and Ease of Doing Business,’’ in Lagos on Wednesday.

World Bank to Spend $495m on Irrigation in Nigeria

The World Apex Bank is to spend 495 million dollars on irrigation schemes in Nigeria, Minister of Water Resources, Mr Suleiman Adamu said on Thursday.

Adamu in an interview with the News Agency of Nigeria expressed hope that World Bank-funded 495 million dollars Transforming Irrigation Management in Nigeria (TRIMING) programme will revamp irrigation management in Nigeria.

He said that the seven-year programme was targeted at rehabilitating five irrigation schemes in five Northern states.

Annual inflation slows in June, but still above 16 percent

Annual inflation in Nigeria eased for a fifth straight month in June, slowing to 16.1 percent, the National Bureau of Statistics (NBS) said on Monday, Reuters reports.

A separate food price index showed inflation at 19.91 percent, up from 19.27 percent in May, indicating continued pressure on food prices, the NBS said in a report.

Annual inflation slowed in May to 16.25 percent. It recorded its first recent slowing in February.

Tough Market Conditions: Big Shift in Nigerian Shopping Patterns –Report

Beset by challenging macro-economic forces due to global commodity- turmoil, Nigeria’s market conditions are set to recover but the reality is that in the interim they have compelled Nigerian consumers to make fundamental changes in what, where and how they shop.

These are the findings in a new report from Nielsen titled ‘Navigating the New Normal in Nigeria’ which points out that the country’s sustained potential and the strength of its recovery, now hinges on business resilience and adaption to meeting consumers’ needs in a time of change.

Nigeria Sees Debt Service of $483.4m on Foreign Loans in 10 years –DMO

Nigeria's debt office plans to use $483.4 million to service its foreign debt over a 10-year period and make repayments starting from next year as its dollar debts begin to mature, it said in its annual report.

Debt Management Office (DMO) projects debt service repayments to amount to a total of $4.47 billion to be made in 2018, 2021 and 2023, Reuters reports.

Nigeria issued a debut eurobond in 2011 with a follow up tranche in 2013. Between February and March the West African country issued $1.5 billion due in 2032.

Osinbajo tasks AU on Standby Force, Peace Fund

Acting President Yemi Osinbajo has called for the full implementation of the African Peace and Security Architecture (APSA), especially the African Standby Force (ASF) and the Peace Fund.

Osinbajo, made the call in his capacity as the Chairperson of the AU Peace and Security Council (PSC) for the month of July, while reporting on the council’s activities and the state of peace and security in Africa.

He reiterated the need for the PSC to work towards removing all distractions and impediments to the full attainment of operational capacity of the AFS.

Global Ethical Finance Forum to Highlight Potentials of Sustainable Capitalism

Middle East Global Advisors, a leading financial intelligence platform spearheading the agenda of sustainable and inclusive finance, will convene the second edition of the much-coveted Global Ethical Finance Forum (GEFF) in Edinburgh, Scotland. Based on a strategic partnership with Islamic Finance Council UK (UKIFC), the Forum will be held under the patronage of the Scottish Government, and will be hosted by the Royal Bank of Scotland (RBS), building upon the legacy of the inaugural Forum held in September 2015.

Paper Dividend Warrants: SEC Extends Deadline for Issuance to Dec. 31, 2017

The Securities and Exchange Commission (SEC) has extended the deadline for stoppage of issuance of physical dividend warrants in the nation’s capital market to Dec. 31, 2017.

SEC Head, Corporate Communications, Naif Abdussalam, disclosed this in an interview with the News Agency of Nigeria yesterday in Lagos.

Abdussalam said that the deadline was extended to give room for investors to key into the e-dividend payment platform.

Investors Cheer Nigeria Currency Shift, Want More

Nigeria's recent tentative steps to free up its naira currency, particularly via a new trading window, have gone down well with some adventurous stock and bond investors who are cautiously returning to the markets they fled two years ago, Reuters reports.

Once considered one of the most promising emerging markets, Nigeria was hammered when it introduced draconian foreign exchange restrictions to counter the effects of the 2014 oil price crash.